Thailand has decided to halt the implementation of its 15% cryptocurrency capital gains tax. The proposal, which was announced earlier this year, drew much criticism, but it appears that some sort of crypto tax will still be imposed.
According to The Financial Times, Thailand is apparently withdrawing its 15% cryptocurrency tax proposal after traders in the country voiced strong opposition. According to tax officials, money gained from bitcoin trading or mining is taxed as capital gains.
Following a significant expansion in the size and value of the market in 2021, the Thai Revenue Department aimed to strengthen regulation of cryptocurrency trading.
However, industry leaders have issued dire warning that high taxation may hamper the nascent sector’s future development.
Worth Noting the Thai Finance Ministry originally revealed its plan to tax the cryptocurrency market in January, but it was thought to be tough to implement in practice.
For example, it was unclear if the taxes would be imposed on annual reports or whether the government would require exchanges to deduct them at the source.
